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Old 11-29-2015, 02:21 AM
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Question Gift in lieu of payment from client. Tax implications?

Hi,

I do web design as a hobby. I got asked to help out with a friend's company's website and it turned into me managing it fully. I'm definitely an independent contractor, although there's no contract and I'm not paid*.

*Not on a paycheck, at least.

They said they would gift me some furniture for my new apartment as a "thank-you gift". This is the only payment I've gotten. I am totally cool with this. What I want to know is what the tax implications of this gift. It was just over $500. Pretty sure they're not going to send me a 1099. Is this a non-taxable gift, or a taxable gift that I should put on my 1040, or non-cash income that I should put on my 1040? Or is it something else?

Thanks in advance!


Last edited by haydenj96 : 11-29-2015 at 02:27 AM.


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